Commenting on the statement made today by Prime Minister, Theresa May announcing Article 50 will be triggered by the end of March 2017, Simon Lewis, Chief Executive of the Association for Financial Markets in Europe, said:

"Now there is a clear timeline emerging for the formal exit of the UK from the EU, which will bring about more certainty for financial services. However, with Article 50 now due to be triggered in the coming months, it is important to consider the impact this will have on business and whether transitional arrangements may be helpful to mitigate any negative consequences. There is much practical work that needs to be done to understand the operational impact of Brexit on Europe's capital markets and to ensure that the outcome works for the UK and the EU27."